Chapter 7, Problem 7.6E

Complete the following by calculating the cash discount and net amount paid: (If more than one discount, assume date of last discount.) Gross amount of invoice (freight charge already included) Freight charge Date of Cash Date of invoice Terms of invoice Net amount payment discount paid 850 None 8/5 3/10, 2/15, n/30 8/18 ..... %24

Identify whether each of the following transactions, which are related to revenue recognition, are accrual, deferral, or neither. A. sold goods to customers on credit B. collected cash from customer accounts C. sold goods to customers for cash D. collected cash in advance for goods to be delivered later

Required: For each of the sales terms, determine the following: 1. Amount to be recorded as Sale on June 1 2. Amount to be recorded as Sales Discount on the date of collection, if any 3. Amount of cash recieved on the dateof collection.

Complete the following by calculating the cash discount and net amount paid: (If more than one discount, assume date of last discount.) Date of Gross amount of invoice (freight charge already included) Freight charge Terms of invoice Date of payment invoice None 8/14 4/10, 3/15, n/30 8/26 700 Cash discount Net amount paid

Calculate the cash discount and the net amount due the transaction (in $). Amount ofInvoice Terms ofSale CashDiscount NetAmount Due $15,660.00 2/10, n/45 $ $

Complete the following by calculating the cash discount and net amount paid: (If more than one discount, assume date of last discount.)  Gross amount of invoice (freight charge already included) Freight charge date of invoice terms of service  date of payment  cash discount net amount paid $650 None 8/11 4/10,2/15, n/30 8/23

7. Complete the table. Invoice Terms Last Date Last Date Date Net Price Complement Cash Price Date to Take to Pay Paid of Discount Invoice cash-discount rate Аpril 18 April 6 5/15, n/30 $109.82

What is the total balance of Sales Discount column in the Cash receipts journal on March 31, 2021? What is the total balance of Sales column in the Sales journal on March 31, 2021?

Presented are the transactions of Mandaue Electrical Supplies for the month of October 2019. Record all transactions using the Perpetual inventory assuming credit terms extended to customers are 2/10, n/30. Prepare your own Journal sheet.